Avidity Biosciences (NASDAQ:RNA) Trading Down 5.2% - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) dropped 5.2% during mid-day trading on Monday . The company traded as low as $47.64 and last traded at $47.82. Approximately 82,441 shares were traded during trading, a decline of 94% from the average daily volume of 1,338,267 shares. The stock had previously closed at $50.45.

Analysts Set New Price Targets

RNA has been the subject of a number of research reports. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an "overweight" rating and a $63.00 target price for the company. TD Cowen lifted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, August 26th. Chardan Capital lifted their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $62.67.

Avidity Biosciences Stock Performance

The company has a market capitalization of $4.47 billion, a P/E ratio of -15.83 and a beta of 0.89. The firm's fifty day moving average is $44.37 and its 200-day moving average is $37.56.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now directly owns 14,830 shares of the company's stock, valued at $670,167.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Arthur A. Levin sold 5,000 shares of the company's stock in a transaction on Monday, August 19th. The shares were sold at an average price of $45.19, for a total value of $225,950.00. Following the sale, the director now directly owns 14,830 shares of the company's stock, valued at approximately $670,167.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of the company's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the sale, the chief financial officer now directly owns 96,355 shares in the company, valued at approximately $4,239,620. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,543 shares of company stock valued at $6,762,692. 3.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company's stock valued at $189,592,000 after acquiring an additional 516,446 shares during the period. Avoro Capital Advisors LLC lifted its position in shares of Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after acquiring an additional 680,000 shares during the period. RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company's stock valued at $83,761,000 after acquiring an additional 827,647 shares during the period. Janus Henderson Group PLC lifted its position in shares of Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company's stock valued at $31,704,000 after acquiring an additional 1,216,730 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after acquiring an additional 707,773 shares during the period.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.